The indices are not hiding it like they did yesterday, but we have some full-fledged bear market action out there this morning. Market players are dumping stocks into the abyss, and support levels are falling fast. Breadth is around 1900 gainers to 5600 decliners, but it is far worse in other market areas. All the FATMAAN names are red, and recent ARK Innovation (ARKK) buys are running one gainer to around 39 decliners.
I can go into great detail about how poor this market action is right now, but this is the most aggressive and consistent selling we have seen in a while. There is no interest in trying to bottom fish 'value,' and it is very hard to find a decent chart.
What makes the action so much more difficult is that a big part of the market has already corrected very deeply. I've been talking about this for a while, but the big caps that drive the senior indices are still hovering near highs.
This is looking like a real purge in some of the small-cap and growth names, but can they bounce if the big-cap names are just starting a deeper correction. That is the problem, and I'm just going to sit back and watch.